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These days, multi-level-marketing (MLM) companies that offer huge profits through investments are always worth investigating before anyone’s further involvement.
PetronPay is one of the companies that claim to be in the digital investment business that invests in oil. It has no products to sell. While the profits are attractive to anyone looking to gain extra income, one should not be too quick in joining on board.
In this review, we’re going to answer the question everyone’s dying to know: is PetronPay is a scam? It totally is, but let’s go over why.
What Is PetronPay?
- Name: PetronPay
- Website: www.petronpay.com
- Founders: John Grant (CEO)
- Cost to Join: $25 – $1,999
- Rating: 1/10
According to the company website, PetronPay invests in oil assets to generate solid profits. They claim to partner with large refineries, which allow them to make high-quantity purchases and offer excellent profitability for investors.
PetronPay was founded in 2019. Its company website was first registered in December 2019, which makes it a very young company to be involved in oil investments. Its website also stated that its CEO is a man called John Grant. However, there is no further information about him or his track record in the investment business.
What Does PetronPay Have to Offer?
From its company website, it seems like PetronPay has a lot to offer. First, they emphasize the high liquidity and excellent profit opportunity from crude oil under virtually all market conditions. This is, of course, a very attractive statement to make. They also offer a return on investment from 0.2% to 2.5% return on investment, daily, up to 300%. This is also a very shocking claim.
Aside from that, they also offer an affiliate membership system, which pays direct commissions, residual commissions, and bonuses. Basically, people are required to make larger investments and recruit more members in order to unlock more profits.
What Does It Cost to Join PetronPay?
PetronPay offers investment packages at different amounts based on the rank that an investor wants to achieve upon joining them. ‘Administration fees’ are also included, so in reality, investors are paying more than the investment amount mentioned. Here are different funding options paid through Bitcoin:
- Barrel 25 – $5 admin fee + $25 investment
- Barrel 50 – $5 admin fee + $50 investment
- Barrel 99 – $10 admin fee + $99 investment
- Barrel 249 – $15 admin fee + $249 investment
- Barrel 499 – $15 admin fee + $499 investment
- Barrel 999 – $30 admin fee + $999 investment
- Barrel 1999 – $30 admin fee + $1999 investment
After generating 300% ROI, investors can also repay the fees as a recurring investment. There are also eleven affiliate ranks from Star to Diamond Emperor. The higher the rank, the more accumulated points they get from the team they have.
How Do You Make Money with PetronPay?
As previously mentioned, PetronPay doesn’t offer any retailable products, so the only way to earn money is by recruiting new affiliates. PetronPay claims there are 6 ways one can earn money:
Profit-Sharing
PetronPay claims to distribute part of the profits it gains from operating in the oil market with daily revenues of 0.2 to 2.5% to investors.
Recommendation
The more affiliates an investor recruits under his wing, the more bonus he will get, 10% of indication that is distributed in 6 levels.
Binary Earnings
To earn more profits, an investor needs to build his team and divide his team into two further teams. The investor gains 50% of the points generated by his smallest team.
Three Stars Bonus
Upon successfully bringing in three new direct accounts, the investor is claimed to get 10% of the value from all three accounts.
Renewal Bonus
With this scheme, an investor receives all bonuses from his team members, which is half of the 50% binary bonus whenever his team member renews.
Awards Program
The awards scheme is a promised bonus in the form of points, money, and even trips abroad for higher-ranking members.
Things I Like About PetronPay (Pros)
Nada. It’s a Ponzi scam similar to Throne Legacy Capital and Adora Investments.
Things I Dislike About PetronPay (Cons)
From the above explanation, PetronPay’s peculiar rewarding scheme and bold claims in terms of the profits generated have given users enough reason not to trust them with their money. Here are even more reasons why PetronPay is considered a scam:
1. False address
Despite its company website claiming that PetronPay is headquarters in Switzerland, upon further investigation, it was revealed that the address in Switzerland was indeed fake. It was an office building that has no tenants registered under PetronPay’s name.
2. Fake CEO
PetronPay claims that its CEO is John Grant. However, this ‘John Grant’ doesn’t have any track record, project, or background history in the investment business that is convincing enough. The person who acts as John Grant in promotional videos is also found to be an actor with a different name. The appearances of John Grant in business magazines such as Fortunes are also found to be tailored.
3. Fails the Ponzi logic test
Since PetronPay has no products to sell, the only source of revenue it has is new investments that come in. Using only new investment to pay profits makes PetronPay a Ponzi pyramid scheme. The more members recruited, the more pyramid layers are added to the scheme, and once recruitment dries up, there will be no more money to pay profits.
Verdict: PetronPay is a Scam
We report that PetronPay scam because of the reasons explained above. Given the company’s dishonesty about its address and CEO, and having no retail products, it’s clear that PetronPay is just a pyramid scheme and should be avoided by aspiring investors at any cost.
Look, we’re all for having a side-hustle and making legal money wherever you can, but investing in this soon-to-collapse scam is definitely not the best option. Instead, you should try your hand at affiliate marketing?
This probably rings a bell, but let us explain it to you in easy terms. Basically, you promote a company’s products and earn a cut from the profits for every sale that comes through your blog, social media post, and/or YouTube video. There’s no recruitment process, and you don’t have to leave the comfort of your home. Everything can be done while sitting in front of your laptop or tablet.
Is it easy money? Probably not; it takes work and an understanding of marketing to do it. Is legit? You bet it is. So, we recommend at least giving it a try.
Click the button below to get started.
Hey, it’s Kenny here. I’m a single dad, freelance writer, an affiliate marketer. I have been making a living online since 2016, after quitting a 10-years engineering profession. When I’m not on the laptop, I’ll be in the kitchen experimenting with new cuisines.
I know a lot of people who just invested over $5000.00 in PetronPay. What should they do?
Request for payout if possible. From my experience, trouble starts when the company being to delay payment. By then, it’s most likely too late to recover anything.
They are already delaying payments. They started when BITCOIN dropped. Now they are trying to get people to convert there money into petronpay token which is not even a verified coin. I have tried to Google it but nothing.
Lastly, they say you can transfer your money into an Ethereum wallet which they are delaying now because the coin dropped.
It is becoming a scam and many people are falling victim.
So if I may ask this is not a scam ?
It is a scam. Do avoid.
Hello I’m really interested with petronpay please does it a good company cause I heard it’s on Dominica republic, Haiti Canada Chili France etc
Hi Frantz,
It’s a scam. Please avoid.
How do you suppose someone can go about getting their money back from Petronpay before everything crashes? It seems at the moment, the creation of their own cryptocurrency is to make it difficult for people to withdraw their money. Also, those that withdrew, got less than 10-15% of their withdrawals, meaning that Petronpay withholds 85-90% of every withdrawals, thereby, avoiding or taking back the 300% profit promised. Do you know if there are any sort of legit professionals that we can use to get our money back? At this point we don’t know who or where to contact directly, as their customer support are not replying emails even after 1month. Any advice will be appreciated. Thanks
Hi Grace,
I’m not sure if there’s any legit way to do that. Most Ponzi schemes tend to get away after scamming their users’ money. Just have to be wiser in the future.